HYDERABAD: In a booster shot for Telangana’s life sciences sector, Canadian real estate player Ivanhoé Cambridge and Lighthouse Canton on Wednesday announced an investment commitment of $100 million (Rs 748 crore approx.) for developing nearly 1 million sq ft of R&D office-lab space in Hyderabad’s Genome Valley.
Ivanhoe Cambridge, an arm of Canadian institutional fund manager Caisse de dépôt et placement du Québec (CDPQ), and Singapore-based Lighthouse Canton will be investing (80:20) in MN Park that provides R&D laboratory space and innovation infrastructure in Genome Valley.
Ivanhoe Cambridge said its investment in MN Park is in line with its global strategy of focusing on sectors that foster innovation and long-term growth fundamentals.
“We anticipate that India, and Hyderabad in particular, will further cement its position in the global life sciences arena in the post-pandemic world,” said Chanakya Chakravarti, managing director-India, Ivanhoé Cambridge.
Pointing out that this is the first time a global pension fund is investing in life sciences R&D real estate in the country, Sanket Sinha, head-asset management, Lighthouse Canton, Singapore, said the investment reinforces Hyderabad’s leadership position in the life sciences R&D sector.
“Our collective vision is to invest $100 million and double the existing infrastructure, thereby adding over 1 million square feet of life sciences facility in the next few years,” Sinha added.
The Iavnhoe Cambridge and Lighthouse Canton top honchos also held a virtual meeting with Telangana industries minister KT Rama Rao during the day.
While Genome Valley is one of India’s largest lifesciences R&D and clean manufacturing clusters housing over 200 companies, MN Park is touted as the country’s largest privately-owned portfolio of leased life sciences R&D office-labs that are currently occupied by over 20 lifesciences entities.